Letter to Clients of Private Investors a.s. Represented by the Guarantee Fund in Criminal Proceedings
On 9 July 2013, the Securities Traders Guarantee Fund received a ruling delivered by the Prague High Court in criminal proceedings against the managers of Private Investors a.s. The ruling came into legal effect on 9 April 2013. During the proceedings, the Guarantee Fund acted as a collective agent representing clients damaged in the Private Investors a.s. case.
A foreign entity providing investment services in the Czech Republic is not required to take part in the guarantee scheme operated by the Guarantee Fund if such an entity is a member of a guarantee scheme of investment service providers in the country where it has its head office and registered office.
On 13 February 2013, the Guarantee Fund received Resolution File No. 2 T 13/2006 that was delivered by the Hradec Králové Regional Court on 31 January 2013. Under the resolution, the court halted criminal proceedings against Karel Takáč and Oldřich Bakus, both executives of the company KTP Quantum a.s., based on an amnesty granted by President Václav Klaus.
The Guarantee Fund announces that clients of the defunct securities trader KEY INVESTMENTS, a.s. cannot make effective claims to recover their assets from the mentioned securities trader.
Wall Street Journal
Administrators handling the U.K. arm of the defunct brokerage MF Global said Monday that they have started making payments to some clients as the process of unwinding the firm continues, and amid the threat of a legal spat with the U.S. trustee for the brokerage.
Clients of the defunct MF Global UK securities trader ("MFG UK") have been requested to submit their claims.
By Steve Johnson Published: October 3 2010 10:15
Following the receipt of a CZK 800 million subsidy from the central government on April 22, the Securities Traders Guarantee Fund is preparing the prompt redistribution of the funds to clients.